Mid-Morning Market Update: Markets Drop; Pfizer Posts Lower Revenue
Following the market opening Monday, the Dow traded down 0.55 percent to 16,422.68 while the NASDAQ tumbled 0.32 percent to 4,110.75. The S&P also fell, dropping 0.40 percent to 1,873.64.
Leading and Lagging Sectors
Utilities shares surged around 0.19 percent in Monday trading. Leading the sector was strength from Northwest Natural Gas Company (NYSE: NWN) and Companhia Paranaense de Energia (NYSE: ELP). In trading on Monday, financial shares were relative laggards, down on the day by about 0.78 percent.
Pfizer (NYSE: PFE) reported weaker-than-expected first-quarter revenue. Pfizer's quarterly profit slipped to $2.33 billion, or $0.36 per share, versus a year-ago profit of $2.75 billion, or $0.38 per share. Its adjusted earnings climbed 12% to $0.57 per share from $0.51 per share. Its revenue declined 9% to $11.35 billion versus $12.41 billion. However, analysts were estimating earnings of $0.55 per share on revenue of $12.04 billion.
Equities Trading UP
B/E Aerospace (NASDAQ: BEAV) shares shot up 11.27 percent to $98.99 after the company reported that it is exploring strategic alternatives for the company.
AAON (NASDAQ: AAON) shares were also up, gaining 8.93 percent to $31.48 after the company reported better-than-expected Q1 results.
Equities Trading DOWN
Shares of BroadSoft (NASDAQ: BSFT) were 23.24 percent to $19.19 after the company reported downbeat quarterly earnings and issued a weak Q2 profit outlook.
Realogy Holdings (NYSE: RLGY) shares tumbled 11.91 percent to $37.58 on Q1 results. Realogy Holdings posted a quarterly net loss of $46 million.
Trex Co (NYSE: TREX) was down, falling 5.69 percent to $74.89 after the company reported Q1 results. The company reported its Q1 net income of $12.3 million, or $0.73 per share.
In commodity news, oil traded down 0.11 percent to $99.65, while gold traded up 0.87 percent to $1,314.30.
Silver traded up 0.74 percent Monday to $19.69, while copper fell 0.28 percent to $3.06.
European shares were lower today.
The eurozone's STOXX 600 slipped 0.79 percent, the Spanish Ibex Index fell 0.87 percent, while Italy's FTSE MIB Index declined 1.32 percent.
Meanwhile, the German DAX tumbled 1.33 percent and the French CAC 40 tumbled 1.01 percent.
The final reading of Markit PMI services index rose to 55.00 in April, versus a prior reading of 54.20. However, economists were expecting a reading of 54.50.
The ISM non-manufacturing index gained to 55.20 in April, versus a prior reading of 53.10. However, economists were projecting a reading of 54.10.
The Treasury is set to auction 3-and 6-month bills.
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